During 2017, Pam incurred the following casualty losses: All of the items were destroyed in the same

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During 2017, Pam incurred the following casualty losses:

FMV After Basis Insurance FMV Before Asset Business 1 Business 2 Business 3 Personal 1 $18,000 25,000 20,000 12,000 8,00All of the items were destroyed in the same casualty. Before considering the casualty items,Pam reports business income of $80,000, qualified residential interest of $6,000 property taxes on her personal residence of $2,000, and charitable contributions of $4,000. Compute Pam€™s taxable income for 2017. Pam is single.

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Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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